Home ownership trumps happiness for many new UK property buyers
There are many things that young people need to compromise on when it comes to getting onto the UK property ladder for the first time. Be it the location they want to live in, how many bedrooms they are looking for or the size of the garden, there has to be a bit of give when it comes to demands for first-time buyers.
However, new data has shown that many people in the UK who are looking to buy their first house are not only happy to compromise on the home, but also their happiness. For a growing number of people, owning property appears more important than being content.
A survey by L&C Mortgages found that 1.8 million people around the UK have stayed in a relationship they might not otherwise have stayed in because they wanted to own a house. Meanwhile, 11 per cent of those who are not on the ladder at present said they would stay with their current partner regardless of feelings if it meant being able to buy property.
It was also discovered that 44 per cent of those who said they had stayed in a relationship to buy a house remained with their partner for more than a year longer than they would have done if getting onto the property ladder had not been a consideration.
In addition to this, 40 per cent are still in the relationship they stayed a part of to get a house, while 15 per cent said they had stayed for two years more than they would otherwise have wanted to.
"The fact that so many people view staying in a relationship they perhaps don’t want to be in as one of their only options for getting onto the housing ladder is indicative of the struggle people face when buying their first home," said David Hollingworth from L&C Mortgages.
Some of the problems new buyers find when the time comes to get onto the ladder for the first time include high deposits for a mortgage, which can be anywhere between ten and 25 per cent of the property's value, and solicitors' fees, which can creep into the thousands.